GLYFADA, Greece, Nov. 28, 2025 (GLOBE NEWSWIRE) — Globus Maritime Limited (“Globus”, the “Company”, “we”, or “our”) (NASDAQ:GLBS), a dry bulk shipping company, today reported its unaudited consolidated financial results for the third quarter and nine-month period ended September 30, 2025.
Revenue
$12.6 million in Q3 2025
$30.8 million in 9M 2025
Net income / (loss)
$0.7 million net income in Q3 2025
$2.6 million net loss in 9M 2025
Adjusted EBITDA
$5.5 million in Q3 2025
$10.7 million in 9M 2025
Time Charter Equivalent
$14,702 per day in Q3 2025
$11,705 per day in 9M 2025
We reached an agreement with one of our existing Lenders to reduce the margin and extend the maturity of the existing Facility.
We have secured Financing arrangements for the two new building vessels which are scheduled for delivery in the second half of 2026.
Current Fleet Profile
As of the date of this press release, Globus’ subsidiaries own and operate nine dry bulk carriers, consisting of six Kamsarmax and three Ultramax.
Vessel
Year Built
Yard
Type
Month/Year Delivered
DWT
Flag
Galaxy Globe
2015
Hudong-Zhonghua
Kamsarmax
October 2020
81,167
Marshall Is.
Diamond Globe
2018
Jiangsu New Yangzi Shipbuilding Co.
Kamsarmax
June 2021
82,027
Marshall Is.
Power Globe
2011
Universal Shipbuilding Corporation
Kamsarmax
July 2021
80,655
Cyprus
Orion Globe
2015
Tsuneishi Zosen
Kamsarmax
November 2021
81,837
Marshall Is.
GLBS Hero
2024
Nihon Shipyard Co., Ltd.
Ultramax
January 2024
64,000
Marshall Is.
GLBS Might
2024
Nantong Cosco KHI Ship Engineering Co., Ltd.
Ultramax
August 2024
64,000
Marshall Is.
GLBS Magic
2024
Nantong Cosco KHI Ship Engineering Co., Ltd.
Ultramax
September 2024
64,000
Marshall Is.
GLBS Angel
2016
Hudong-Zhonghua
Kamsarmax
November 2024
81,119
Marshall Is.
GLBS Gigi
2014
Tsuneishi Hi Cebu
Kamsarmax
December 2024
81,817
Marshall Is.
Weighted Average Age: 8 Years as of November 28, 2025
680,622
Current Fleet Deployment
All our vessels are currently operating on short-term time charters (“on spot”).
Management Commentary
“During the third quarter of 2025, we experienced a gradual but meaningful improvement in market rates for the vessel segments in which we operate. The quarter ended at significantly higher levels than it began with, our nimble chartering strategy allowed us to effectively capture the upward momentum. This positive trend continued into the fourth quarter of 2025, with rates for midsize bulk carriers currently ranging around $15,000 and $18,000 per day. Our modern fleet is well positioned to benefit from these conditions through short-term and index-linked chartering arrangements that provide direct exposure to improving market fundamentals. Asset values remain elevated, and sale-and-purchase activity has been strong across the market.
“Operationally, we completed the dry-docking of one vessel during the quarter, which temporarily affected utilization. Although the work experienced a minor delay due to unforeseen circumstances, the final outcome met our expectations and costs remained within acceptable levels.
“Construction of our two Ultramax newbuildings in Japan, scheduled for delivery in 2026, is progressing according to plan. These fuel-efficient vessels will enhance our operational flexibility and are well received by charterers.
“We also secured financing for both newbuildings from Japanese institutions on what we consider attractive terms. In parallel, we amended one of our existing credit facilities, achieving a reduced margin and an extended maturity, with a long-standing financial partner.
“Looking ahead, market conditions remain constructive. We see encouraging signs across several dry bulk trade routes and are optimistic about the outlook for the midsize bulker segment. We look forward to operating our fully delivered fleet, generating sustainable cash flows, and delivering meaningful returns to shareholders.”
Recent Developments
Sale of vessel
On February 4, 2025, the Company, through a wholly owned subsidiary, entered into an agreement to sell the 2007-built River Globe for a gross price of $8.55 million before commissions and expenses. The vessel was delivered to her new owners on March 17, 2025.
Debt financing
In September 2025, the Company amended its CIT loan facility with First Citizens Bank & Trust Company, extending the termination date of Tranches F and G to August 10, 2027, to align with Tranches H and I. The amendment also revised the repayment schedules for the affected tranches and reduced the applicable margin for all tranches from 2.70% to 1.95%. The Company determined that the changes did not substantially modify CIT Loan Facility’s terms and the Company recognized a gain on modification which amounted to $461 thousand.
The Company, through its subsidiaries, has arranged a $25 million loan facility and a $28 million sale and bareboat back agreement for its two vessels under construction, which are scheduled for delivery in the second half of 2026.
Earnings Highlights
Three months ended September 30,
Nine months ended September 30,
(Expressed in thousands of U.S dollars except for daily rates and per share data)
2025
2024
2025
2024
Revenue
12,596
8,950
30,753
26,179
Net income / (loss)
725
(550)
(2,625)
2,430
Adjusted EBITDA(1)
5,516
2,907
10,734
8,881
Basic & diluted earnings / (loss) per share (2)
0.04
(0.03)
(0.13)
0.12
(1
)
Adjusted EBITDA is a measure not in accordance with generally accepted accounting principles (“GAAP”). See a later section of this press release for a reconciliation of Adjusted EBITDA to net income and net cash generated from operating activities, which are the most directly comparable financial measures calculated and presented in accordance with the GAAP measures.
(2
)
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